一尘：稳定币能成为美元霸权的救命稻草吗？

Core Viewpoint - The introduction of the U.S. stablecoin regulatory framework marks a significant shift in the legal status and mainstream acceptance of stablecoins, particularly dollar-pegged stablecoins, which are now officially recognized by the U.S. government [1][6]. Regulatory Framework - The U.S. stablecoin regulation requires issuers to ensure that their tokens are pegged to the U.S. dollar at a 1:1 ratio and mandates that the funds obtained from issuing tokens be reserved or invested in highly liquid U.S. dollar assets, including cash, bank deposits, and U.S. Treasury securities [6][9]. - This regulatory framework aims to promote the development of dollar stablecoins to support U.S. economic and financial strategic goals [1][8]. Global Impact - The U.S. stablecoin regulation is expected to have a profound impact on the global financial system, potentially altering its development direction and structure [1][8]. - The expansion of dollar stablecoins is anticipated to create new demand for U.S. Treasury securities, as the growing global user base of these stablecoins will become a significant buyer of U.S. debt [8]. Stablecoin Definition and Mechanism - Stablecoins are a type of cryptocurrency that maintains a stable value by being pegged to a fiat currency or other stable assets, distinguishing them from more volatile cryptocurrencies [9]. - The operational mechanism of stablecoins involves anchoring to assets to maintain price stability, with dollar stablecoins typically requiring a 1:1 backing with U.S. dollars or equivalent assets [9][12]. Market Overview - The two largest stablecoins by market capitalization are Tether (USDT) and USD Coin (USDC), which together account for approximately 90% of the total market capitalization of stablecoins [10]. - USDT is issued by Tether and is backed by U.S. dollar-related assets, while USDC is issued by Circle and is similarly backed by high liquidity assets, ensuring transparency through third-party audits [12].